Virgin Double Take E-Saver Issue 10 Account - better savings account?

skellington

I was advised last year (around a year ago now) to take out a Virgin Double Take E-Saver Issue 10 Account, which had a competitive interest rate at the time.
I've now had the Annual Interest for the year, in March 2020. The lump sum is a few thousand pounds, but I am now looking at a good interest rate, as to whether its best to leave where it is, or move to a better savings account with access?
I am not sure if the interest rate is fixed on this account as an incentive for joining, for 1 year, 2 years, so I am just enquiring about that to see if its worth staying put.
If it isn't and the best Interest rate is over (and it now matches the BoE rate which is very low), what would be a better alternative?
Are NS&I premium bonds, still worth a look? Do they still do the monthly draw?
I just want to make my money work, especially while we are in this unprecedented time, to see if its worth switching from Virgin Money or not?
Any advice gratefully received 

Zanderman

Why not read the advice within this site before asking - and if you still have questions come back with them afterwards:
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

skellington

I didn't see this, as didn't have time at time of posting but will check it out.

RG2015

Issue 10 of this account is currently paying 1.5% so unless you need to access the money you are best off sticking with it.

Placitasgirl

The rate on the current issue of the Virgin Double Take E-Saver is 1.01%. 
This isn't a fixed term account so the interest rate can change during the life of the account. 
https://uk.virginmoney.com/savings/products/double_take_e_saver_issue_16

skellington

Placitasgirl said:

The rate on the current issue of the Virgin Double Take E-Saver is 1.01%. 
This isn't a fixed term account so the interest rate can change during the life of the account. 
https://uk.virginmoney.com/savings/products/double_take_e_saver_issue_16

Yes this is what I thought, and have already emailed to ask about it direct with Virgin Money, but no reply as yet..
I maybe over my introductory 1.5% rate and it now defaults downwards.. I'm just wondering if its wise to move it to a new account for a year, and get a better interest rate while its going, for 12 months?

RG2015

skellington said:

Placitasgirl said:

The rate on the current issue of the Virgin Double Take E-Saver is 1.01%. 
This isn't a fixed term account so the interest rate can change during the life of the account. 
https://uk.virginmoney.com/savings/products/double_take_e_saver_issue_16

Yes this is what I thought, and have already emailed to ask about it direct with Virgin Money, but no reply as yet..
I maybe over my introductory 1.5% rate and it now defaults downwards.. I'm just wondering if its wise to move it to a new account for a year, and get a better interest rate while its going, for 12 months?

It isn't an introductory rate but a variable rate. Issue 10 is still paying 1.50%. If you look on Virgin Money Savings online and click on your account you will see that your interest rate is currently 1.50%

RG2015

Placitasgirl said:

The rate on the current issue of the Virgin Double Take E-Saver is 1.01%. 
This isn't a fixed term account so the interest rate can change during the life of the account. 
https://uk.virginmoney.com/savings/products/double_take_e_saver_issue_16

Your link is to issue 16. Have a look on the following link and you will see that issue 10 is still paying 1.50%

https://uk.virginmoney.com/savings/helpful-information/find-your-interest-rate/

PS Obviously issue 10 is no longer available but VM have not reduced the rate (as yet) for customers that still have am Issue 10 account.

where_are_we

Virgin have roughly 100 E-Saver accounts no longer available but only 2 have been withdrawn. I have Double Take E-Saver 11 paying 1.43% variable opened last September. There is no bonus element to the interest and Virgin might reduce the interest rate at any time. I presume I can still make an additional deposit. 

RG2015

where_are_we said:

Virgin have roughly 100 E-Saver accounts no longer available but only 2 have been withdrawn. I have Double Take E-Saver 11 paying 1.43% variable opened last September. There is no bonus element to the interest and Virgin might reduce the interest rate at any time. I presume I can still make an additional deposit. 

Do you recall VM ever reducing the interest rate on a variable account? I am wondering how long the 1.50% on Double Take Issue 10 will last.

colsten

RG2015 said:

Do you recall VM ever reducing the interest rate on a variable account? I am wondering how long the 1.50% on Double Take Issue 10 will last.

Yes, they are in the process of doing this right now. The Double Take Issue 10 doesn't appear to be affected.

From their website: